Directors’ Transactions on the Austrian Stock Market

The paper discusses the financial and economic impact of legal insider trades executed by corporate insiders on the Austrian
stock market between May 2005 and May 2007. Many previous studies on the implications of legal insider trading on capital
market efficiency have examined whether insiders earn abnormal profits relative to the market with regard to their directors’
dealings, and whether outsiders can earn abnormal profits by mimicking the insiders’ transactions, while no such study...